At the beginning of the current fiscal year, the balance sheet of Hughey, Inc., showed stockholders equity

Question:

At the beginning of the current fiscal year, the balance sheet of Hughey, Inc., showed stockholders equity of $260,000. During the year, liabilities increased by $11,000 to $116,000; paid-in capital increased by $20,000 to $90,000: and assets increased by $130,000. Dividends declared and paid during the year were $28.000.

Required:

Calculate net income or loss for the year. (Set up the accounting equation for beginning balances, changes during the year, and ending balances; then solve for missing amounts.)

At the beginning of the current fiscal year, the balance

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...